My Barker Cat BOONDOGGLE

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My Barker Cat BOONDOGGLE

dis gonna get gooood. Two sides to this but if op has his ducks in a row, i don't see kevin coming out of this well financially and hanging on to stay in business. What's the chances he used the money to "float" future boat builds and can't repay the money.....

Barker has been up to a year late delivering certain 26’s. Promised Delivery date after delivery date broken. Calls dodged. This has been coming for over two years now. Guys warning of these issues were called out as YF koolaide drinkers. This perfect storm has been building. Ray is not the only party to have gotten the shaft. He is just the one that has spoken the loudest. A house of cards always comes tumbling down.

Cayo needs to get Cat #1 completed and some sold boats delivered first.

Mentioning another builder on this thread that is 6 months behind on their new boat with allegedly 60 plus deposits in pocket wouldn’t seem to be a the great idea.

Perhaps you are correct. However, I am certainly not the first to mention another builder on a thread. Or am I?
And 6 months behind you say? How is a proven successful builder coming out with a new model and dialing it in and getting it right before pumping out hulls behind? Is that according to your schedule? I think they deserve some time to make the boats no? They really just got all the molds a couple months ago.
Behind. Hmm. Weak argument
also 60 “alleged” deposits before the first one is even complete says another thing.
you should choose your words more carefully before you spew.
Sorry for derail. Carry on.

i have no skin in this either way...but i did a google search of yellowfin vs barker and in the first few sentences of the first page that came up was....."While he was insured against lawsuits, Barker said attorney’s fees topped $250,000. And it was the timing of the suit that hurt the most." Hhhhhmmmm.........

Cayo needs to get Cat #1 completed and some sold boats delivered first.

Mentioning another builder on this thread that is 6 months behind on their new boat with allegedly 60 plus deposits in pocket wouldn’t seem to be a the great idea.

Cayo needs to make sure they hire someone who can do real cost accounting and implement scalable processes to support that costing (i.e. audible financial controls). The accountant who’s been doing your buddies uncles timber farm for the last 3 decades probably isn’t the right guy. The accountant with his own office and 50 other clients six blocks over isn’t that guy either.

When you’ve committed to build 60 things that are 100k+ a piece you’re not a “custom” anything anymore. You’re a mass manufacturer.

How is ray going to own the mold? It’s clear BBW hasn’t paid the invoice(s) (invoices are this new thing you get from a vendor when they’re ready to deliver something you bought from them, REMINDING you of the price and terms you previously agreed to). BBW doesn’t have the cash, they couldn’t rack it up selling 200k bay boats or taking 250k “Two Boat purchase deposits.” Or the principals sucked the profits out to do other things unrelated to building boats.

Going forward, folks that are doing these weird purchase agreements to prop a young builders cash flow should demand escrow accounts from the builder. Have the designers/builders send invoices to the escrow agent. Escrow agent can only pay invoices on from a preapproved, critical vendor list.

This kind of situation could have some fairly broad ramifications. I think folks will be gun-shy putting down deposits with a new builder with this in the back of their minds, so it impacts the broader market. It also makes me wonder just how many of these new builders that have popped up in the last year will survive the next recession. Just an opinion, but we may see buyers migrating away from the new, high-priced, purportedly "high tier" new builders, towards companies with a history of financial stability and tenure in the market. I hope the OP is made somewhat whole. I know I'd be throwing up off my seawall if I was fighting for $2,500, let alone $250,000.